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South Florida Residential Inventory Continues to Fall

Residential inventory in South Florida fell to 34,398 from 34,535 active listings for the week ending February 25, 2013. During the same period, pending sales increased to 23,565 from 23,013.

Active listings are properties where no current sale contract exists; pending sales are properties in which a contract for sale has been executed, but not yet closed. Listing brokers control the status of a property listing. The figures were compiled by Condo Vultures Realty using the South Florida Shared Multiple Listing Service.

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Aventura Movie Night at Waterways Park

The City of Aventura is hosting Movie Night at Waterways Park, located at 3301 NE 213th St, on Saturday, March 2, 2013. Admission is free. Gates open at 6:00PM, and the movie “Hotel Transylvania,” which israted PG, will start at 7:00PM. Bring lawn chairs and blankets.

Parking is located at Gulfstream Park which will be accessible from the NE 213th St entrance, and shuttle service will be provided to Waterways Park. Food trucks will be available.

For more information, contact the Community Services Department at (305) 466-8930 or Waterways Park at (305) 466-8008 or visit the City’s website at www.cityofaventura.com.

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

Renters: Make Sure Your Security Deposit Is Safe

For those of us considering moving out of our rentals, securing your security deposit can be a make-it-or-break it moment for our finances, as you will most likely be needing a security deposit for wherever you’re headed. Unfortunately, many renters never see their security deposit again. Recently, Rent.com surveyed 1,000 U.S. renters, and the results were startling:

More than a quarter (26 percent) of all renters have lost their security deposit at some point

37 percent of men and 44 percent of 18-24 year olds said they did not get their deposits back because they moved out early

More women (9 percent than men (3 percent) lost a deposit due to pet damage

36 percent of renters who did not get their deposits back said the landlord gave no explanation.

This is likely illegal although tenant/landlord laws vary by state but according to several state law sites (ag.ny.gov, ca.gov, oag.state.tx.us, illinoisattorneygeneral.gov, mass.gov) the landlord must return the deposit less any lawful deduction.

South Florida’s Next Condo Boom – Sunny Isles Beach

According to the Miami Herald, Sunny Isles Beach, a city created only 15 years ago on a stretch of beach that was dominated by theme-oriented boutique hotels built in the 1950s, is emerging as the epicenter of South Florida’s next condo boom.

Developers are proceeding with at least six condo towers with at least 530 luxury units to be constructed in a community that stretches less than 40 blocks along Collins Avenue. The number of proposed new condo towers in Sunny Isles Beach is expected to increase in the upcoming months as developers have recently purchased an additional four condo sites.

Unlike the last South Florida condo boom, lenders are not yet willing to finance condo construction projects, thereby forcing developers to build using their own money combined with payments from contracted buyers.

The city of Sunny Isles Beach could see its total number of condos increase by more than 1,200 units with the latest boom.

Be Prepared: 5 Things That Can Go Wrong with Your Real Estate Transaction

Buying a home is one of the most exciting times of a person’s life. However, it’s important to realize that any real estate transaction is a very intricate process fraught with many pitfalls along the way. As Lexington, Mass.-based REALTOR® Kristin Brown Orr explains, “Every sale is different, with different buyers, different sellers, and different intermediaries. It’s no wonder people find the process so daunting with all of its legalities, documentation, and fine print.”

According to Orr, the more buyers understand the potential problems that can occur when buying a home, the more prepared they will be to protect their interests. To that end, Orr highlights five problems homebuyers need to be aware of…along with potential solutions:

Failed home inspection. If the home you are buying does not fair well upon inspection due to health or safety concerns like mold, radon, faulty electrical systems, or structural problems, the seller should fix these issues or extend you a credit or discount in the sale price so that you can have them fixed. If he refuses to do so, you have the right to back out of the sale and search for a new home.

Seller is poorly motivated to sell. If a seller’s heart is not in a sale, he might be prone to missing or canceling appraisals and inspections – all of which could threaten your purchase.

Seller hasn’t found a new home to move into. If a seller has trouble finding a replacement property and refuses to consider temporary arrangements, you might find yourself in a tricky timing situation – particularly if you have a closing date on the home you are leaving. Are you prepared to wait it out in temporary housing while you wait for the seller to move out?

Title issues. If your seller owes money on the property you are buying, either for repayment of a debt, failure to pay taxes, or because money is owed for repairs or work done on the property, creditors with an interest in that property may take out a lien, rendering the seller unable to sell until those debts are repaid. In the meantime, you won’t be able to make the purchase.

Failure of the seller to make agreed upon repairs. If the seller has contractually promised to deliver the property to you in a certain condition and fails to deliver, you have the right to terminate the contract and back out of the sale if you are not prepared to accept the property as is. An alternative to this situation is to talk to your attorney about either requesting a sum of money to do the fixes yourself, or request a hold back.

“The concerns listed above may seem gloomy, but it’s important to remember that most real estate transactions wrap up smoothly,” says Orr. “Being educated about the potential pitfalls will simply give you a leg up on any problems that may arise. Do your homework and beware of risks. Keep informed in order to safeguard against anything within your control and keep a watchful eye so that if something does go wrong, you can address it immediately and land yourself the home of your dreams.”

I hope this information is useful to you. Please contact me for all your South Florida real estate needs at (305) 329-4929 or [email protected]

For Sale: One Island Place Condominium

This condominium located in the City of Aventura, FL, features 2 bedrooms plus a den, which can easily serve as a third bedroom, and 2 1/2 baths, in 2,370 sq ft of living space. When you take the private elevator to the 9th floor and step into your own foyer the residence’s double doors open to reveal a luxurious and relaxed ambiance with stunning views of the Intracoastal and ocean. An air of refined elegance is evident in all of the condominium’s interior spaces. Sand colored ceramic tile floors and harmonizing couches and tables complement the surrounding blue skies and water. The sizable center island kitchen features a Sub-zero refrigerator, Thermador appliances and Poggenpohl cabinetry.

Impressive amenities include:

2 garage parking spaces

valet parking

24-hr security gate

24-hr lobby attendant

2 heated swimming pools

fitness center

2 tennis courts

This fully furnished residence, with 628 sq ft wrap around balcony and unparalleled water views, is a total stand out.

For more information or to schedule a private showing please contact me at (305) 329-4929 or [email protected]

Americans’ Expectations Align to Encourage Home Buying

By Keosha Burns

More consumers may be looking to purchase homes with a shift in several key housing market indicators, according to Fannie Mae’s March 2012 consumer attitudinal National Housing Survey. More Americans now expect both home rental and home purchase prices to increase over the next year. Nearly half of consumers expect higher rental prices, the highest number recorded since monthly tracking began in June 2010. Thirty-three percent expect home prices to increase, up 5 percentage points since last month, and the highest percentage recorded in over a year. In addition, confidence in consumers’ views of their own finances is stabilizing—for three straight months—44 percent believe their personal finances will get better over the next year. These trends may be providing Americans with an increased sense of urgency to buy a home as 73 percent of Americans now believe it is a good time to buy a home, up from seventy percent in February.

“Conditions are coming together to encourage people to want to buy homes,” says Doug Duncan, vice president and chief economist of Fannie Mae. “Americans’ rental price expectations for the next year continue to rise, reaching their record high level for our survey this month. With an increasing share of consumers expecting higher mortgage rates and home prices over the next 12 months, some may feel that renting is becoming more costly and that homeownership is a more compelling housing choice.”

Homeownership and Renting

Thirty-three percent of respondents expect home prices to increase over the next 12 months, a five percentage point increase from last month, the highest level over the past 12 months.

The survey shows that on average, Americans expect home prices to increase by 0.9 percent over the next 12 months (up slightly since last month).

Additionally, 39 percent of Americans say that mortgage rates will go up in the next 12 months, a five percentage point increase from last month.

The percentage of respondents who say it is a good time to buy rose by three points to 73 percent, the highest level in over a year, while the percentage of respondents who say it is a good time to sell rose one point to 14 percent this month.